Cartier Owner Struggles With a Glut of Fancy Watches

Shares in Swiss luxury company fall more than 6%

Swiss luxury conglomerate Cie. Financière Richemont SA is struggling to emerge from a sharp pullback from China’s big-spending shoppers that shocked the industry three years ago.

The owner of Cartier, Piaget, Vacheron Constantin and other brands Friday said first-half revenue rose 21% to €6.81 billion ($7.72 billion), fueled by acquisitions and the strength of its jewelry business. But wholesale sales fell 2%, reflecting a glut of watches on the market. Excluding acquisitions, sales rose 6%, falling short of analysts’ expectations.